Bank of New York Mellon (NYSE:BK) PT Raised to $78.00 at Morgan Stanley

Bank of New York Mellon (NYSE:BK) had its price objective upped by Morgan Stanley from $72.00 to $78.00 in a research report issued on Monday, Benzinga reports. The brokerage currently has an “equal weight” rating on the bank’s stock. Morgan Stanley’s price target points to a potential upside of 9.21% from the company’s previous close.

Several other research firms also recently weighed in on BK. Evercore ISI boosted their target price on Bank of New York Mellon from $61.00 to $66.00 and gave the company an “in-line” rating in a research report on Monday, July 15th. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $75.00 target price (up previously from $70.00) on shares of Bank of New York Mellon in a research report on Monday, July 15th. Deutsche Bank Aktiengesellschaft raised Bank of New York Mellon from a “hold” rating to a “buy” rating and boosted their target price for the company from $66.00 to $80.00 in a research report on Monday, September 23rd. Barclays boosted their target price on Bank of New York Mellon from $68.00 to $75.00 and gave the company an “overweight” rating in a research report on Monday, July 15th. Finally, Citigroup boosted their target price on Bank of New York Mellon from $65.00 to $70.00 and gave the company a “neutral” rating in a research report on Thursday, September 19th. Five research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $69.38.

Bank of New York Mellon Price Performance

NYSE:BK traded down $0.28 during trading hours on Monday, reaching $71.42. The stock had a trading volume of 1,253,205 shares, compared to its average volume of 3,817,139. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.70 and a current ratio of 0.70. Bank of New York Mellon has a 52 week low of $39.66 and a 52 week high of $73.19. The company has a 50 day moving average price of $66.74 and a two-hundred day moving average price of $61.29. The stock has a market capitalization of $53.41 billion, a PE ratio of 16.53, a PEG ratio of 1.24 and a beta of 1.08.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings data on Friday, July 12th. The bank reported $1.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.43 by $0.08. Bank of New York Mellon had a return on equity of 11.87% and a net margin of 9.40%. The business had revenue of $4.60 billion for the quarter, compared to the consensus estimate of $4.53 billion. During the same quarter in the previous year, the company posted $1.38 EPS. The company’s revenue was up 2.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Bank of New York Mellon will post 5.63 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Bank of New York Mellon news, VP Hanneke Smits sold 15,000 shares of the company’s stock in a transaction on Thursday, July 18th. The stock was sold at an average price of $64.11, for a total value of $961,650.00. Following the completion of the sale, the vice president now directly owns 173,930 shares in the company, valued at approximately $11,150,652.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.14% of the company’s stock.

Institutional Investors Weigh In On Bank of New York Mellon

Several hedge funds have recently made changes to their positions in the company. Gilbert & Cook Inc. raised its position in shares of Bank of New York Mellon by 4.7% in the 4th quarter. Gilbert & Cook Inc. now owns 9,361 shares of the bank’s stock worth $487,000 after acquiring an additional 419 shares in the last quarter. TD Asset Management Inc raised its position in shares of Bank of New York Mellon by 3.3% in the 4th quarter. TD Asset Management Inc now owns 259,558 shares of the bank’s stock worth $13,510,000 after acquiring an additional 8,350 shares in the last quarter. Dorsey & Whitney Trust CO LLC raised its position in shares of Bank of New York Mellon by 7.7% in the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 5,382 shares of the bank’s stock worth $280,000 after acquiring an additional 385 shares in the last quarter. California State Teachers Retirement System raised its position in shares of Bank of New York Mellon by 1.3% in the 4th quarter. California State Teachers Retirement System now owns 1,233,475 shares of the bank’s stock worth $64,202,000 after acquiring an additional 15,333 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its position in shares of Bank of New York Mellon by 2.1% in the 4th quarter. The Manufacturers Life Insurance Company now owns 600,834 shares of the bank’s stock worth $31,273,000 after acquiring an additional 12,417 shares in the last quarter. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Bank of New York Mellon Company Profile

The Bank of New York Mellon Corporation provides a range of financial products and services in the United States and internationally. The company operates through Securities Services, Market and Wealth Services, Investment and Wealth Management, and other segments. The Securities Services segment offers custody, trust and depositary, accounting, exchange-traded funds, middle-office solutions, transfer agency, services for private equity and real estate funds, foreign exchange, securities lending, liquidity/lending services, and data analytics.